Subjects and objects of investment. Objects and subjects of investment activity Subjects of investment activity 0.01 from the cadastre

Persons engaged in investment activities who are bearers of a certain amount of rights and obligations, whose legal capacity and legal capacity are determined on the basis of the norms of investment legislation and who have the legal ability to exercise rights and fulfill legal obligations in certain areas of investment in objects permitted by current legislation (Fig. 3.1 ).

Taking into account an integrated approach to the issue under consideration, the subjects of investment activity are investors, customers, contractors, users of investment objects, financial intermediaries represented by institutions that ensure the accumulation of temporarily free funds and their most effective placement and other participants in the investment process.

Rice. 3.1.

The range of these entities is quite wide; there are no criteria for classifying them as entities of investment activity.

Based on paragraph 1 of Art. 4 of the Law on Capital Investments, the subjects of investment activity carried out in the form of capital investments are investors, customers, contractors, users of investment activity objects, and other persons.

The main subject of investment activity is the investor.

Investors(Fig. 3.2) - subjects of investment activity that invest their own, borrowed or raised funds in the form of investments and ensure their intended use (clause 3 of Article 2 of the Law on Investment Activities).

On a note. The Law on Capital Investments, in addition to the investor, lists entities authorized by the investor to implement some of certain functions and carry out other actions. These subjects are the customer, the user of the objects of investment activity. In addition, some entities act as participants in the investment process, for example, contractors.

Rice. 3.2.

Customers- individuals and legal entities authorized by investors who implement investment projects. At the same time, they do not interfere with the entrepreneurial and (or) other activities of other investment entities, unless otherwise provided by the agreement between them. Customers can be investors. The customer, who is not an investor, is granted the rights to own, use and dispose of capital investments for the period and within the powers established by the agreement and (or) government contract in accordance with the legislation of the Russian Federation.

The customer plays an important role as a subject in the investment and construction process; in particular, technical customer services are widespread in the construction industry.

In accordance with paragraph 22 of Art. 1 GRK RF technical customer- an individual acting on a professional basis, or a legal entity who is authorized by the developer and on behalf of the developer enters into agreements on the performance of engineering surveys, on the preparation of design documentation, on the construction, reconstruction, major repairs of capital construction projects, prepare assignments for the implementation of these types of work , provide persons performing engineering surveys and (or) preparing design documentation, construction, reconstruction, major repairs of capital construction projects with materials and documents necessary to perform these types of work, approve design documentation, sign the documents necessary to obtain permission to enter capital construction project into operation and perform other functions.

Developer has the right to perform the functions of a technical customer independently, which follows from the definition of a technical customer and is supported by practice. In this case, he will need to obtain the appropriate permit for at least the minimum list of works on the basis of Order of the Ministry of Regional Development of Russia dated December 30, 2009 No. 624 1. In turn, this entails financial costs, since it is necessary to fulfill the minimum requirements specified in Art. 55.5 of the Civil Code of the Russian Federation, in Decree of the Government of the Russian Federation of March 24, 2011 No. 207

for technically complex, especially dangerous and unique objects (such objects are specified in Article 48.1 of the Civil Code of the Russian Federation).

Need to pay attention to the question of separating the functions of the developer and the technical customer as a means of eliminating the risks of the developer’s liability for improper supervision and control over the work. The technical customer's obligation to exercise construction control is supported by the requirements of Art. 748 of the Civil Code of the Russian Federation 1 (customer - within the framework of a construction contract), according to which a contractor who has performed work improperly does not have the right to refer to the fact that the (technical) customer did not exercise control and supervision over their implementation, except in cases where the obligation Such control and supervision is entrusted to the (technical) customer by law.

Contractors- individuals and legal entities who perform work under a contract and (or) state or municipal contract concluded with customers in accordance with the Civil Code of the Russian Federation. Contractors are required to have a license to carry out those types of activities that are subject to licensing in accordance with federal law (Clause 4, Article 4 of the Law on Capital Investments).

On a note. Unlike customers, contractors do not manage the investor’s funds; they perform duties under a construction contract, receiving remuneration for the work performed. The contractor is considered as a professional producer of the work he performs. Carrying out a contract for him is an entrepreneurial activity, in contrast to the customer, who turns to the contractor only from time to time. Not every customer is an entrepreneur, but for an entrepreneur, contacting a contractor to perform certain work is, as a rule, an occasional action, but not a permanent professional activity.

Users of capital investment objects- individuals and legal entities, including foreign ones, as well as state bodies, local governments, foreign states, international associations and organizations for which the specified objects are created. Users of capital investment objects can be investors (Clause 5, Article 4 of the Law on Capital Investments).

A subject of investment activity has the right to combine the functions of two or more entities, unless otherwise established by an agreement and (or) government contract concluded between them.

Subjective rights and obligations of participants in investment activities constitute the content of investment relations, and most experts consider the legal status based on an analysis of the rights and obligations of subjects of investment activities enshrined in legislation 1 . In this case, as a rule, they are based on the rights and obligations enshrined in Art. 6.7 of the Law on Capital Investments and Art. 5.6 of the Law on Investment Activities (Table 3.1).

The content of investment legal relations is not limited to the rights and obligations enshrined in the two above-mentioned legislative acts. There are types of investment activities not covered by these documents. At the same time, various rights and obligations of subjects of investment legal relations are secured by the norms of the Civil Code of the Russian Federation and other acts of civil legislation, and for public official legal relations, also by administrative and financial norms. In addition, in relation to this specific case and for certain types of investment legal relations, the state establishes special rules.

For your information. Investors may have general or special legal status.” For example, an investor with general legal status does not require special permission (license). In turn, investors with a special legal status, such as institutional investors (credit, insurance organizations, etc.), by virtue of their status, are required to engage in investment activities, for example, investments in securities. These investors have special legal capacity, invest funds in the manner prescribed by regulatory legal acts, and their activities are licensed.

In accordance with Art. 51.2 of the Law on the Securities Market distinguishes such a category of investors as qualified investors. Qualified investors include professional participants in the securities market, clearing organizations, credit organizations, joint-stock investment funds, management companies of investment funds, mutual funds and non-state pension funds, insurance organizations, non-state pension funds, non-profit organizations in the form of funds that relate to infrastructure support for small and medium-sized businesses, the Bank of Russia, the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", the deposit insurance agency, the state corporation "Russian Nanotechnology Corporation", as well as the legal entity that arose as a result of its reorganization, international financial organizations , including the World Bank, the International Monetary Fund, the European Central Bank, the European Investment Bank, the European Bank for Reconstruction and Development, and other persons classified as qualified investors by federal laws.

Investor rights

(according to Article 6 of the Law on Capital Investments 1)

Table 3.1

At the same time, an individual can be recognized as a qualified investor if he meets any of the specified requirements (clause 4 of article 51.2 of the Securities Market Law):

• 1) the total value of securities owned by this person and (or) the total amount of obligations from contracts that are derivative financial instruments and concluded at the expense of this person comply with the requirements established by regulations of the Bank of Russia. At the same time, the said body determines the requirements for securities and other financial instruments that can be taken into account when calculating the specified total value (total amount of liabilities), as well as the procedure for its (his) calculation;
• 2) has work experience established by the regulations of the Bank of Russia in a Russian and (or) foreign organization that carried out transactions with securities and (or) entered into agreements that are derivative financial instruments;
• 3) made transactions with securities and (or) entered into agreements that are derivative financial instruments in the quantity, volume and within the time frame established by the regulations of the Bank of Russia;
• 4) the amount of property owned by this person and the procedure for calculating this amount are established by regulations of the Bank of Russia;
• 5) has an education or qualification certificate established by regulations of the Bank of Russia.

In accordance with paragraph 5 of Art. 51.2 of the Law on the Securities Market, a legal entity can be recognized as a qualified investor if it is a commercial organization and meets any of the specified requirements (Fig. 3.3):

Rice. 3.3.

Recognition of a person upon his application as a qualified investor is carried out by brokers, managers, and other persons in cases provided for by federal laws, in the manner established by the Bank of Russia (directive of the Bank of Russia dated April 29, 2015 No. 3629-U “On recognizing persons as qualified investors and the procedure for maintaining register of persons recognized as qualified investors 1).

Recognition of a person upon his application as a qualified investor is carried out by brokers, managers, and other persons in cases provided for by federal laws, in the manner established by the Bank of Russia (directive of the Bank of Russia dated April 29, 2015 No. 3629-U “On recognizing persons as qualified investors and the procedure for maintaining register of persons recognized as qualified investors).

In practice, the concept of a nominal investor is distinguished. Nominee investor is an investor who is registered as the owner of securities, although they do not actually belong to him. They are usually a bank, trust company, or other institution that, at the request of the beneficiary clients, acts as the holder of the securities.

Depending on certain classification criteria, certain types of investors are distinguished.

1. In relation to the source of income, level of profitability and investment risk, conservative, moderate and aggressive investors are distinguished.

Conservative investors are aimed at obtaining a stable income over a long period of time. They prefer to invest in low-risk investments that provide a continuous stream of guaranteed payments. A conservative investor invests in organizations that have stable operations, as well as in financial instruments with a short-term nature.

Moderate Investors A sufficient level of income with an average level of risk is chosen as the main guideline.

Aggressive investors strive to obtain the highest possible return from each investment, despite the high level of risk.

The activities of the above types of investors depend on a certain type of investment portfolio (composition of investment values): a portfolio aimed at primarily generating income through a high level of profit from investment projects, as well as interest and dividends on securities, a portfolio aimed at increasing production volumes by type products, as well as the predominant increase in the market value of the securities included in it.

2. According to the organizational form, corporate, institutional and individual investors are distinguished.

In the role corporate investors various firms, enterprises, companies perform; institutional investors - financial intermediaries (banks, investment funds, non-state pension funds, insurance companies, etc.). Individual investors are individuals.

3. Based on the purpose of investment, a distinction is made between strategic and portfolio investors.

Strategic investors direct their activities to seize a sphere of influence and establish control over property by acquiring a parity stake and a larger share in the authorized capital. Strategic investors try to maintain control over property and expand their sphere of influence, often through mergers and acquisitions of other companies. A strategic approach to investing, with the aim of acquiring companies, is based on long-term partnerships with counterparties, focusing efforts on effective sectors of the economy, investment values, volume distribution of assets and liabilities, integration of investment portfolio elements, etc.

Portfolio investors invest their capital in various assets, usually financial instruments, in order to diversify risks and obtain acceptable current income or future capital gains.

4. National and foreign investors are distinguished according to whether they belong to residents or non-residents. In the international investment system, the most noticeable relationship is of a “diagonal nature”, when a foreign investor is a private person, and the state (public entity) accepts investments. A significant role in the international investment system is played by international organizations and banks (OECD, IBRD, IDA, MIGA, etc.).

• NW RF. 1999. No. 9. Art. 1096.
• Town Planning Code of the Russian Federation dated December 29, 2004 No. 190-FZ // SZ RF. 2005. No. 1 (I. 1). Art. 16.
• Order of the Ministry of Regional Development of Russia dated December 30, 2009 No. 624 “On approval of the List of types of work for engineering surveys, preparation of design documentation, construction, reconstruction, major repairs of capital construction projects that affect the safety of capital construction projects” // Rossiyskaya Gazeta . 2010. No. 88.
• Decree of the Government of the Russian Federation of March 24, 2011 No. 207 “On the minimum necessary requirements for the issuance by self-regulatory organizations of certificates of approval for work on particularly dangerous and technically complex capital construction projects that affect the safety of these facilities” (together with the Minimum necessary requirements for the issuance of self-regulatory organizations organizations certificate of admission to work on the construction, reconstruction and overhaul of capital construction facilities that affect the safety of nuclear facilities, Minimum necessary requirements for the issuance by self-regulatory organizations of certificates of admission to work on the preparation of design documentation that affect the safety of nuclear facilities , Minimum necessary requirements for the issuance by self-regulatory organizations of certificates of admission to work on engineering surveys that affect the safety of nuclear energy facilities, Minimum necessary requirements for the issuance by self-regulatory organizations of certificates of admission to work on construction, reconstruction and major repairs of capital construction facilities, which have an impact on the safety of particularly dangerous and technically complex facilities (except for nuclear energy facilities), Minimum necessary requirements for the issuance by self-regulatory organizations of certificates of admission to work on the preparation of design documentation that have an impact on the safety of particularly dangerous and technically complex facilities (except for nuclear energy facilities ), Minimum necessary requirements for the issuance by self-regulatory organizations of certificates of admission to engineering survey work that affect the safety of particularly dangerous technically complex facilities (except for nuclear energy facilities)) // Northwestern Russian Federation. 2011. No. 14. Art. 1932.
• Civil Code of the Russian Federation of January 26, 1996 No. 14-FZ (part two) // SZ RF. 1996. No. 5. Art. 410.
• Federal Law of February 25, 1999 No. 39-FZ “On investment activities in the Russian Federation, carried out in the form of capital investments” // NWRF. 1999. No. 9. Art. 1096.
• Slesarev A.Yu. Legal relations in the system of investment activity. Theoretical and legal aspect: abstract. day. ...cand. legal Sci. St. Petersburg, 2002. P. 18; Zhiliisky S.S. Financial and legal regulation of investment relations in the Russian Federation: dis.... cand. legal Sci. M., 2006. P. 37; Antipova O.M. Legal regulation of investment activities (analysis of theoretical and practical problems). M.: WoltersKluwer, 2007. P. 234.
• Investments: textbook, manual / M.V. Chinenov [and others]; edited by M.V. Chinenova. 3rd ed., ster. M.: KNORUS, 2010. P. 15.
• Igonina L.L. Investments: textbook. 2nd ed., revised. and additional M.: Master, 2010. P. 24.

Subjects of investment activities. The subjects of investment activity are the state, investors, customers, performers of work, users of objects of investment activity, as well as suppliers, legal entities (banking, insurance and intermediary organizations, investment exchanges) and other participants in the investment process. All subjects of investment activity are divided into individuals and legal entities, including foreign ones, as well as states and international organizations.
The participation of the state in investment activities is discussed in sufficient detail above. It should only be emphasized that here the state acts, on the one hand, as an organizer and controller, i.e. the subject of administrative power relations, and on the other hand, the state can be a direct participant in investment civil relations and act as a subject of civil relations.
Investors are the subjects of investment activity that invest their own, borrowed or raised funds in the form of investments and ensure their intended use. Investors can be a variety of participants in civil and public relations, these are: bodies authorized to manage state and municipal property or property rights; citizens, commercial organizations, others
Commercial law. Part II. Ed. V.F. Popondopulo, V.F. Yakovleva. – St. Petersburg, St. Petersburg University, 1998. P. 121
legal entities and associations; foreign individuals and legal entities, states and international organizations. Investors can act as investors, customers, creditors, buyers, and also perform the functions of any other participant in investment activities. To make joint investments, the law allows investors to pool their funds.
Customers can be investors, as well as any other individuals and legal entities authorized by investors to implement the investment project. At the same time, their interference in the entrepreneurial and other activities of other participants in the investment process is unacceptable, except in cases where such interference is stipulated by the terms of the contract. If the customer is not an investor, he is vested under the contract with the rights to own, use and dispose of investments for the period and within the powers established by the said contract.
Users of investment activity objects are investors, as well as other individuals and legal entities, state and municipal bodies, foreign states and international organizations for which the investment activity object is created. If the user of the object of investment activity is not an investor, the relationship between him and the investor is determined by the agreement (decision) on investment. A feature of the subject composition of the investment legal relationship is that the subjects of investment activity have the right, in their own person, to combine the functions of two or more participants.
Objects of investment activity. The objects of investment activity according to the legislation of the Russian Federation are newly created and modernized fixed assets and working capital in all sectors and spheres of the national economy, securities, targeted cash deposits, scientific and technical products, other property, as well as property rights and intellectual property rights. At the same time, the legislation specifically prohibits investing in objects, the creation and use of which does not meet the requirements of environmental, sanitary, hygienic and other standards or damages the legally protected rights and interests of citizens, legal entities and the state.
Commercial law. Part II. Ed. V.F. Popondopulo, V.F. Yakovleva. – St. Petersburg, St. Petersburg University, 1998. P. 122
A special form of investment activity object is mutual investment funds created in a special manner. Their status is determined by Decree of the President of the Russian Federation of July 26, 1995 No. 765 “On additional measures to improve the efficiency of the investment policy of the Russian Federation.” The fund is created through the acquisition by individuals and legal entities (investors) of investment shares of such funds, with the only exception - state bodies and local governments cannot act here as investors. The fund is a property complex without the creation of a legal entity, and its trust management is carried out by management companies of mutual investment funds.
An investment share purchased by investors is a registered security, although this position of the legislator is quite questionable. This document certifies the investor’s right to receive funds in an amount determined based on the value of the mutual fund’s property. Such a requirement is presented by the investor to the management company, and the value of the share is determined directly on the redemption date. Each investment share provides its owner with the same rights. The procedure for issuing investment units, their placement and circulation, and registration of the issue prospectus is established by the Federal Commission for the Securities Market. The fund's property consists of investors' funds transferred into trust management, as well as increased property and property rights, which is a direct result of the management company's work on trust management of investors' funds.
A condition for investors to enter into an agreement on trust management of property with a management company is the acquisition by investors of investment shares of a mutual fund. The terms of such an agreement are the rules of the mutual investment fund and the prospectus for the issue of investment units of the mutual investment fund. A mutual investment fund is considered formed from the moment of registration of the prospectus for the issue of its shares. There are two types of such funds. This is an open-ended fund where the management company assumes the responsibility to repurchase shares at the request of the investor within a period not exceeding 15 business days
Commercial law. Part II. Ed. V.F. Popondopulo, V.F. Yakovleva. – St. Petersburg, St. Petersburg University, 1998. P. 123
days from the date of presentation of the request, and an interval fund, when the management company assumes the obligation to buy investment units at the request of the investor, but at least once a year. The most important rules for the operation of a mutual investment fund are, firstly, the right of the investor at any time to submit to the management company a demand for the redemption of the investment unit, and the obligation of the management company to redeem the investment unit in the manner and within the time limits established by the rules of the mutual investment fund and the prospectus for the issue of investment units, secondly, the right of investors to freely dispose of investment shares belonging to them, including the right of investors to alienate, mortgage, transfer them by inheritance and make other civil transactions with them.
Accounting for the fund's property and investors' rights is carried out by a specialized depository. The latter can only be one organization; its relationship with the fund is based on an agreement with the management company. This agreement is an integral part of the prospectus for the issue of investment units.
Contents of investment activities. The content of investment activity is the actions of its subjects. All investors have equal rights before the law. The right to invest is an inalienable right of the investor. In the process of carrying out investment activities, the investor independently determines the volumes, directions, size and efficiency of investments and, at his own discretion, attracts on a contractual, mainly competitive basis (including through contract bidding) the individuals and legal entities necessary for the implementation of investments. If the investor is not a user of objects of investment activity, then he has the right to control their intended use and exercise in relations with users of such objects other rights provided for by the agreement (contract) and legislation in force in the territory of the Russian Federation. He has the right to transfer his powers regarding investments and their results under an agreement (contract) to citizens, legal entities, state and municipal bodies in the manner prescribed by law. As a general rule, an investor has the right to own, use and dispose of investment objects and results, including carrying out trading operations and reinvestment on the territory of the Russian Federation, in accordance with legislative
Commercial law. Part II. Ed. V.F. Popondopulo, V.F. Yakovleva. – St. Petersburg, St. Petersburg University, 1998. P. 124
acts of the Russian Federation and republics within the Russian Federation. However, the legislation of the Russian Federation and the republics within the Russian Federation may define objects, investment in which does not directly entail the acquisition by investors of ownership rights to them, but does not exclude the possibility of subsequent ownership, operational management of them, or participation of the investor in the income from the operation of these objects. The conditions under which an investor acquires the property he needs can be very different. He can purchase property from citizens and legal entities both directly and through intermediaries at prices and on conditions determined by agreement of the parties, without restrictions on volume and nomenclature, if this does not contradict the legislation in force in the territory of the Russian Federation.
In turn, subjects of investment activity are obliged to:
comply with the norms and standards, the procedure for establishing which is determined by the legislation of the Russian Federation and the republics; comply with the requirements of government bodies and officials within the limits of their competence. In special cases, participants in investment activities performing relevant types of work must have a license or certificate to carry out their activities.
Relations between participants in investment activities can have a variety of formalization methods. Depending on the nature, these relations are clothed either in the form of an order, instruction, instruction, order of a government body, or in the form of an agreement. However, basically, production, economic and other relationships between subjects of investment activity are built on the basis of an agreement (contract), which is the main document regulating these relationships. Considering the central place of the agreement in the system of investment acts, there are different points of view in science regarding its nature. Since most investment agreements are concluded with the aim of attracting foreign investment and the subject of such relations is the state, some authors attribute investment agreements to the field of international law, for example, they are given the level of international treaties or administrative legal acts. Other scholars defend civil law ownership
Commercial law. Part II. Ed. V.F. Popondopulo, V.F. Yakovleva. – St. Petersburg, St. Petersburg University, 1998. P. 125
The legality of these agreements indicates that the investment agreement is a civil agreement, which explains its content and conditions. Finally, the third, compromise point of view is presented by A.G. Bogatyrev, who argues that “investment agreements-contracts can be defined as an institution of international private law, which is a means of concretizing and individualizing the norms of national and international law...”.
In our opinion, all the concepts presented here are based on the general premise that there is some special unified “investment relationship”. This conclusion can only be made on the assumption that investment law is an independent branch of law. Both of these premises are fundamentally false. As already mentioned, investment law, despite all its obvious originality, is not an independent branch of law, since it does not have an independent subject of study and method of legal regulation. This is nothing more than a specific branch of legislation. The relations that arise in connection with the implementation of investment activities are very different in nature - these are civil, discretionary, and administrative, power relations. Sometimes they are quite closely intertwined, as, for example, in the case of state planning of a specific investment contract, but they never form an independent, single “investment relationship.” Taking into account the different nature of investment relations, we can conclude that the legal form of these relations may also be different. Depending on the specific situation, this is either a state, administrative act, an international agreement or an ordinary civil contract.
If the investment agreement is civil, it is subject to the general principle of discretion. The conclusion of such agreements, the selection of partners, the determination of obligations, and any other conditions of economic relations between the parties is the exclusive competence of subjects of investment activity. In the implementation of contractual relations between them, interference by state bodies and officials that goes beyond the scope of their competence is not allowed. In most cases, general rules on civil rights apply to such investment agreements.
Commercial law. Part II. Ed. V.F. Popondopulo, V.F. Yakovleva. – St. Petersburg, St. Petersburg University, 1998. P. 126
Danish treaties. The terms of these agreements remain in force for the entire duration of their validity. A special exception applies only to the case when, after the conclusion of an investment agreement, the legislation establishes conditions that worsen the situation of the partners. In this case, the agreement may be changed.
Investment activity can be carried out at the expense of a variety of sources, such as, for example: the investor’s own financial resources and intra-economic reserves (profit, depreciation charges, cash accumulations and savings of citizens and legal entities, funds paid by insurance authorities in the form of compensation for losses from accidents, natural disasters, etc.); borrowed financial resources from investors (bank and budget loans, bond issues and other funds); attracted financial funds from the investor (funds received from the sale of shares, shares and other contributions from citizens and legal entities); funds of associations; investment allocations from the state budget, local budgets and relevant extra-budgetary funds; foreign investment.
The responsibility of subjects of investment activity is determined by the nature of the relationships in which they participate. Since investment activity simultaneously covers both private and public relations, liability here can also be different, since it arises within the framework of administrative or civil relations. Participants in investment activities, if they fail to comply with the requirements of the legislation in force on the territory of the Russian Federation, the obligations stipulated in investment agreements, bear both property and other liability. State bodies of all levels, in case of non-fulfillment or improper fulfillment of the duties assumed or assigned to them for carrying out investment activities, bear property liability for their obligations to other subjects of investment activities. When implementing government orders, government bodies bear mutual property liability with other subjects of investment activity for non-fulfillment or improper fulfillment of accepted obligations, including compensation for losses.
Commercial law. Part II. Ed. V.F. Popondopulo, V.F. Yakovleva. – St. Petersburg, St. Petersburg University, 1998. P. 127

NW RF. 1995. No. 31. art. 3097
Kulagin M.I. State-monopoly capitalism and legal entity. M., 1987.
Lunts L.A. Course in international private law. M., 1975.
Bogatyrev A.G. Investment law. M., 1992. P.81.

The main subjects of investment activity are investors, customers, performers and users.

Investors are subjects of investment activity who invest funds in the form of investments and ensure their intended use. Individuals, legal entities, state and municipal entities can act as investors.

All investors have equal rights to carry out investment activities. Among the basic rights of investors are:

• a) the right to independently make investment choices, that is, to determine the volumes, directions, size of investments, and the circle of participants in investment activities;
• b) the right of an investor who is not a user of objects of investment activity to control their intended use;
• c) the right of the investor to transfer under the contract his rights to investments and their results to other persons;
• d) the investor’s right to acquire ownership of objects created as a result of investment, as well as the right to own, use, and dispose of other investment results. Legislation may define objects, investment in which does not directly entail the acquisition of ownership rights to them, but does not exclude the possibility of subsequent ownership, management or receipt of income from the operation of these objects. In relation to unfinished objects, a regime of shared ownership of subjects has been established.

Customers are subjects of investment activity who are authorized by investors to implement the investment project. To achieve this goal, the investor grants the customer the rights to own, use and dispose of investments for the period and within the powers established by the investment agreement and in accordance with the law. The customer must not interfere with the business and other activities of other participants in the investment process. Customers can be investors, as well as any individuals and legal entities.

Work performers are persons vested with certain powers to implement an investment project by virtue of an agreement concluded with them. The contractor does not acquire the authority to own, use, or dispose of investments; the customer allocates him the funds necessary to perform certain work.

Users are the subjects for whom the object of investment activity is created. Users can be individuals, legal entities, the state, municipalities.

The Law on Investment Activities provides for the right of subjects of investment activities to combine the functions of two or more participants. So, for example, the investor himself can perform the functions of implementing the contract, that is, be the customer, the functions of the user and the investor can be combined, etc.

The responsibilities of subjects of investment activities are defined in the said Law very briefly and can be formulated in the form of a general obligation to comply with the requirements of legislation, government bodies and officials within their competence. If the investor (customer) refuses to further invest in the project, he is obliged to compensate the costs to its other participants, unless otherwise provided by the contract.

Investment activity is implementation of investments and practical actions so that these investments bring profit or achieve the effect that is necessary for the investor.

Also, every investor needs to know the country in which he plans to invest.

There are common ones that are found in the vast majority of investment projects. Knowledge of such problems can protect the investor’s capital from losses and minimize real risks.

Examples of investment activities

It has a specific character and certain competitive advantages due to the assets that the bank already possesses, as well as a set of financial and other instruments that play a significant positive role in their investment activities.

It is special in that the sources of investment are insurance reserves. The purpose of the investment activities of insurance companies also stands apart. The main goal is not to make a profit, but to maintain a stable financial condition through investments.

In accordance with the Law on Investment Activities in the Russian Federation, carried out in the form of capital investments, investment activity is making investments and carrying out practical actions in order to make a profit and (or) achieve another useful effect. Investment activity in the form of capital investments is an investment in fixed capital (fixed assets), including costs for new construction, expansion, reconstruction and technical re-equipment of existing enterprises, purchase of machinery, equipment, tools, inventory, design and survey work and other costs .

Subjects of investment activity are:

Investors;

Customers-developers;

Contractors;

Users of capital investment objects;

Other persons.

Quite often, an organization combines the functions of several participants in the construction process - investor, developer, customer or contractor.

Relations between subjects of investment activity are carried out on the basis of an agreement and (or) government contract concluded between them in accordance with Russian legislation.

An investor - a person who has the required amount of available funds or attracts borrowed funds from citizens or legal entities, including credit institutions, as sources of financing - finances the construction.

Investor

As for the customer-developer (this is the definition that is usually applied to the participant in the investment process who ensures the construction process), some regulations give the concept and use the term “developer”, others - “customer”, and still others - “customer-developer”. Thus, in accordance with Article 1 of the Town Planning Code of the Russian Federation, a developer is an individual or legal entity that provides construction, reconstruction, major repairs of capital construction projects on a land plot owned by him, as well as carrying out engineering surveys, preparing design documentation for their construction, reconstruction, major repairs .

Customer-developer

The customer-developer enters into a general contract for the construction of a facility with a contractor or takes on the functions inherent in a general contractor - maintenance of the construction site, supplies, coordination of construction work on site, etc.

Functions of the customer-developer

The construction process is gradual, and at each stage the customer is assigned a corresponding role and functions. Here are the main functions of customers for the construction of facilities:

Construction of objects

During the preparation of construction, the customer carries out the functions of developing the territory and allocating the land plot.

Development of territory and allotment of land

When performing its functions, the customer also exercises control and supervision over the progress of construction. The customer may, in some cases, entrust the performance of its functions of control and supervision of construction to an engineering organization (engineer) by concluding an appropriate agreement with it in accordance with Article 749 of the Civil Code of the Russian Federation. Such an organization will be the technical customer. In order to qualify the functions of the technical customer when concluding such an agreement, the parties can use the Regulations on the technical supervision of the customer over the construction of buildings and structures in Moscow (approved by order of the Mayor of Moscow dated July 13, 1998 N 715-RM). The technical customer, performing the functions of control and supervision of construction, does not, in particular, have the right to manage the financial and other resources of the customer-developer and keep records of capital costs and sources of financing.

Control and supervision of construction progress

The customer’s functions also include financing construction and maintaining accounting records of capital expenditures made. The customer organization, under the conditions specified in the agreement concluded with the investor, disposes of the investor’s monetary and material resources allocated for the construction of the facility and bears material and other responsibility provided for by the current legislation or agreement for the timely, targeted and justified use of financial and other material resources and property; compliance with the quality of work performed and the timing of commissioning of the construction project; fulfillment of obligations under contracts with other participants in the construction of the facility; execution of the cost estimate for the operation of the customer approved by the investor; ensuring a regime of secrecy (confidentiality) and taking the necessary measures to protect commercial and official information from disclosure.

Construction financing and capital expenditure accounting

Contractors are individuals and legal entities who perform construction, installation, and repair work under a contract and (or) government contract concluded with customers in accordance with the Civil Code of the Russian Federation. When carrying out capital construction, the general contracting system is widely used: the customer enters into an agreement with one construction organization - the general contractor, which attracts specialized organizations on the basis of subcontracting agreements to perform certain sets of work.

Contractor - general and subcontractors

Users of capital investment objects are individuals and legal entities for whom the specified objects are created.

Users and other participants

In practice, when creating and reconstructing real estate objects, there are subjects of the investment process not listed above. This practice, as a rule, follows from the rule-making of the subjects of the federation.

It makes sense to consider the question of the functions of investments in three aspects: national, economic and private.

At the national level, the functions of investment are to ensure appropriate conditions for the expanded reproduction of goods and services; In addition, investments create favorable opportunities for the development of various sectors of the national economy and industry. As a result, the unemployment rate among the population decreases. Another function of investment is to finance various non-profitable (but socially significant) areas, such as education, healthcare and other types of social programs aimed at improving the standard of living of the population. The scientific and technical potential of society is developing (if we are talking about investing in the development of high-tech technologies, in various scientific research, the results of which will subsequently be embodied in material goods and sold on the market. In this case, we can say that the functions of investment, in a sense , ensure the scientific and technological progress of society. In addition, investments perform an integrative function, which consists in blurring the boundaries between different states, peoples, and cultures (in the case of international investments).

At the economic level (i.e., when it comes to financing individual projects and enterprises), the functions of investment are to provide opportunities for the effective expansion and development of production; in ensuring the possibility of research and implementation of new technologies for the production of goods that make them more competitive and more in demand in the market. Accordingly, the result is a better satisfaction of the population’s needs for certain goods and services. One of the functions of investments of this level is to reduce the risk associated with the bankruptcy of the enterprise (meaning that to reduce the risk, part of the funds is directed to expanding the scope of the enterprise’s activities, to exploring new niches that are indirectly related to the main activity). For example, a design organization (which previously was exclusively engaged in the production of architectural projects) develops into a design and construction organization, i.e. it no longer only produces projects on paper, but can also translate them into reality.

At the private level, the main function of investment is the personal enrichment of a person. Money is invested in various projects in order to subsequently make a profit from them. In more detail, we can distinguish two functions of investment at the private level: firstly, the function of protecting funds from inflation; and secondly, the function of increasing savings. However, both of these functions are strongly interconnected and boil down to the personal enrichment of a person.